The World Bank Group has ranked Saudi Arabia 23rd among 178 economies for ease of doing business in its “Doing Business 2008” report, which was released recently. Last year, the Kingdom ranked 38th in the annual report.

In a statement released by the Saudi office at the World Bank, Minister of Finance Ibrahim Al-Assaf welcomed the report.

“This was certainly a major step forward and I welcome the fact that this flagship publication of the World Bank Group is giving credit where credit is due,” Al-Assaf said in the statement.

The minister noted that Saudi Arabia was ranked as the top performer worldwide in improving business start-up procedures and third for the ease of registering property.

The improved rankings are the result of successful reforms instituted by the Kingdom to improve its business environment and make it conducive for both foreign and domestic investment, Al-Assaf said. He added that the Kingdom aims for a ranking in the report’s Top Ten.

The annual Doing Business report is compiled by the World Bank and the International Finance Corporation (IFC). It compares a country’s regulations that enhance or restrict a company’s ability to grow, invest, and increase productivity.